关于枣庄矿业（集团）有限责任公司 认购中泰证券股份有限公司 向特定对象发行 A 股股票免于发出要约事宜 之 专项核查意见 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层邮编：250014 19、20、25/F,BlockC,YinfengFortunePlaza,No.1Long'aoxiRoad,Jinan250014,China 电话/Tel:+8653186112118 传真/Fax:+8653186110945 网址/Website:http://www.grandall.com.cn 二〇二五年十二月 国浩律师（济南）事务所 | 目录 | | 1 | | --- | --- | --- | | 释义 | | 2 | | 第一节 | 正文 | 4 | | | 一、认购对象的主体资格 4 | | | | 二、本次发行及认购的批准和授权 5 | | | | 三、本次认购的基本情况 8 | | | | 四、本次认购符合《收购管理办法》规定的免于发出要约的情形 8 | | | 五、结论意见 | 9 | | | 第二节 | 签署页 11 | | 国浩律师（济南）事务所 专项核查意见 释义 除非 ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-070 中泰证券股份有限公司 关于向特定对象发行股票结果暨股本变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 预计上市时间：中泰证券股份有限公司（以下简称"公司""中泰证券" 或"发行人"）向特定对象发行人民币普通股（A 股）股票（以下简称"本次发 行"）对应的 996,677,740 股已于 2025 年 11 月 28 日在中国证券登记结算有限责 任公司上海分公司办理完毕登记、托管及限售手续。公司本次发行新增股份为有 限售条件流通股，将于限售期届满后的次一交易日起在上海证券交易所（以下简 称"上交所"）上市流通交易，如遇法定节假日或休息日，则顺延至其后的第一 个交易日。 资产过户情况：本次发行的股票全部以现金认购，不涉及资产过户情况。 1、本次发行履行的内部决策程序 2023 年 6 月 30 日，公司召开第二届董事会第六十九次会议，审议通过了《关 于公司向特定对象发行 A 股股票方案的议案》等议案，对公司符合向特定对象 发行 A 股 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The 7th Sina Finance Golden Unicorn Best Analyst award was won by Zhongtai Securities in the electronics sector, with team members including Wang Fang, Yang Xu, Li Xuefeng, Liu Bowen, Hong Jialin, Ding Beiyu, and Kang Lixia [1] Group 2 - The storage super cycle is expected to begin, with mainstream and niche prices rising across the board, maintaining a tight supply-demand situation through 2026 [2] - The current round of storage price increases started in Q2 2025, with Q3 showing an expanded increase driven by the explosive demand from AI inference, and Q4 price hikes exceeding expectations [2] - The profitability of storage companies has significantly improved since Q3, and with continued price increases, profitability is expected to sustain [2] - AI is driving high demand for storage, with tight supply anticipated until 2026; mainstream storage demand is robust due to server needs and stable consumer electronics, while AI PCs and AI smartphones will contribute additional growth [2] - Limited new capacity for DRAM and conservative expansion for NAND, primarily through process upgrades, will lead to sustained tightness in supply through 2026 [2] - The exit of three major manufacturers has led to a contraction in supply for niche storage, with continued tightness expected for niche DRAM, SLC NAND, and NOR Flash prices starting to rise from Q3 [2]

Company Overview - Baima Tea is a leading tea brand and retail chain in China, covering all six major tea categories and tea-related products [2] - In 2024, Baima Tea is expected to rank first in the number of domestic tea chain stores and hold the largest market share in both Oolong and black tea categories [2] - The company has achieved a revenue and profit CAGR of 8.6% and 16.2% respectively over the past three years, with projected revenues and net profits of 2.143 billion and 224 million yuan in 2024 [2] - Baima Tea operates three main brands: the core Baima Tea brand, the sub-brand Xinjihua focusing on high-end Pu'er tea, and the newly established sub-brand Wanshanhong targeting younger consumers [2] Industry Landscape - The high-end tea market is growing faster than the overall market, with a projected market size of 325.8 billion yuan in 2024 and a high-end segment expected to reach 103.1 billion yuan [3] - The high-end tea market is anticipated to grow at a CAGR of 5.6% from 2024 to 2029 [3] - The Chinese tea market is characterized by a long-standing issue of "having categories but no brands," leading to a highly fragmented high-end tea market with a CR5 of approximately 5.6% in 2024 [3] - Baima Tea is expected to hold a market share of about 1.7% in the high-end tea market in China, ranking first [3] Brand Development - Baima Tea is recognized for its deep cultural heritage, being led by a descendant of a 300-year-old tea-making family and inheritor of the Intangible Cultural Heritage of Tieguanyin tea [4] - The company has established a strong brand image as a high-end tea brand in China, with a nationwide sales network covering various city tiers [4] - By mid-2025, Baima Tea plans to have a total of 3,585 stores, with 90% being franchise stores [4] - The company has successfully created a flagship product, "Saizhenzhu," which addresses consumer choice anxiety in the tea market [4] Future Growth Drivers - The company plans to increase its store penetration by adding 1,500 new stores within three years and upgrading existing stores to enhance customer experience and sales efficiency [5] - Baima Tea aims to strengthen its flagship product strategy and expand its product matrix to cover various price ranges and consumer demographics [5] - The company is exploring the development of pure tea beverages and expanding sales channels to establish Baima Pure Tea as a new growth point [5]

Company Background - Eight Horses Tea is a leading tea brand and retail chain in China, covering all six major categories of tea and tea utensils [1] - The company is expected to rank first in the number of tea chain stores in China by 2024, with significant market shares in Oolong and black tea [1] - Over the past three years, the company's revenue and profit have grown at a CAGR of 8.6% and 16.2%, respectively, with projected revenues and net profits of 2.143 billion and 224 million yuan in 2024 [1] - The company operates three main brands: the core brand Eight Horses Tea, the sub-brand Xinjihua focusing on high-end Pu'er tea, and the newly established sub-brand Wanshanhong targeting younger consumers [1] Industry Landscape - The high-end tea market is growing faster than the overall market, with a projected market size of 325.8 billion yuan in 2024 and a high-end segment size of 103.1 billion yuan [2] - The high-end tea market is expected to grow at a CAGR of 5.6% from 2024 to 2029 [2] - The Chinese tea market is fragmented, with a CR5 of approximately 5.6% in 2024, and Eight Horses Tea holds a market share of about 1.7% in the high-end segment, ranking first [2] Brand Development - Eight Horses Tea is recognized for its deep cultural heritage, with its founder being a descendant of a 300-year-old tea-making family and a practitioner of intangible cultural heritage techniques [3] - The company has established a strong brand presence in the tea retail sector, with a sales network covering all major cities in China [3] - As of the first half of 2025, the company plans to have a total of 3,585 stores, with 90% being franchise stores [3] Future Growth Drivers - The company aims to increase its store penetration by adding 1,500 new stores within three years and upgrading existing stores to enhance customer experience and sales efficiency [4] - It plans to strengthen its big product strategy and expand its product matrix to cover various price ranges and consumer groups [4] - The company is exploring the development of ready-to-drink pure tea beverages as a new growth point in the future [4]

业绩小幅增长，费用管控能力提升 智通财经APP获悉，中泰证券发布研报称，维持中海物业(02669)"买入"评级，公司2025年上半年核心物 业管理业务实现稳健增长，外拓业态持续丰富，毛利率改善，展现出了较强的韧性能力，该行预计公司 未来仍可以维持一定增速的规模与业绩增长，持续看好公司能够实现长期高质量发展。 中泰证券主要观点如下： 中海物业发布2025年半年报 公司上半年实现营收70.9亿，同比增长3.7%，权益股东应占净利润7.7亿，同比增长4.3%。 2025年上半年公司实现营收70.9亿，同比+3.7%，权益股东应占净利润为7.7亿元，同比+4.3%，净利润 增速高于营收增速。公司总体毛利率17.0%，同比上升0.2pct。核心业务物业管理服务营收较2024年同 期增加8.3%，毛利率15.5%，同比上升0.1pct。销售及行政费用同比下降18.6%，总体费用下降17.8%， 费用率2.2%，同比下降0.6pct，费用管控能力有所提升，公司整体盈利能力有所提升。 外拓能力优秀，新合约构成合理 2025年上半年，公司新增订单0.3亿平方米，当中84.0%来自第三方。公司新签合约总额约达人民币22.6 亿元 ...

Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for China Overseas Property (02669), highlighting the company's resilient performance and expected long-term high-quality development, with a projected steady growth in scale and performance in the future [1] Financial Performance - In the first half of 2025, the company achieved revenue of 7.09 billion, a year-on-year increase of 3.7%, and a net profit attributable to equity shareholders of 770 million, up 4.3% year-on-year [2] - The overall gross margin was 17.0%, an increase of 0.2 percentage points year-on-year, while the core property management service revenue grew by 8.3% compared to the same period in 2024, with a gross margin of 15.5%, up 0.1 percentage points [2] - Sales and administrative expenses decreased by 18.6% year-on-year, leading to an overall expense reduction of 17.8%, with an expense ratio of 2.2%, down 0.6 percentage points, indicating improved cost control and enhanced overall profitability [2] Business Expansion - In the first half of 2025, the company added 0.3 billion square meters of new orders, with 84.0% coming from third parties, and the total new contract amount reached approximately 2.26 billion [3] - The company optimized its business structure and project governance, resulting in a slight increase in managed area to 4.4 billion square meters compared to the end of 2024, with residential and non-residential project areas accounting for 41.0% and 59.0% of new contracts, respectively, enhancing the company's risk resilience [3] Shareholder Returns - The company declared an interim dividend of 0.09 HKD per share, along with a special dividend of 0.01 HKD per share to celebrate its 10th anniversary, totaling 39.2% of net profit attributable to equity shareholders, with an overall increase of 0.015 HKD per share compared to the same period last year [4] - The stable dividend amidst operational improvements is expected to enhance shareholder returns and attract investors [4]

Group 1 - The expansion of personal pension products has been announced, with savings bonds included, which is expected to enhance investor enthusiasm and improve the quality of the personal pension system [2] - Wang Ying has officially taken over as the new chairman of China Merchants Fund, with a focus on maintaining strategic stability and enhancing execution capabilities for the next three years [3][6] - Several public funds have terminated sales agreements with specific companies, indicating a shift in sales strategies within the public fund industry [4] Group 2 - Zhongtai Securities has successfully completed a 6 billion yuan private placement, significantly strengthening its capital position, with major participation from its controlling shareholder and various institutional investors [5] - The public fund industry has seen a surge in new fund issuance, with over 1 trillion units launched this year, particularly in equity funds, which have increased by 93.8% year-on-year [7][8] - The FOF (Fund of Funds) market has rebounded, with 69 new FOFs established this year, raising a total of 69.236 billion yuan, marking a three-year high [9][10] Group 3 - The public REITs market is expanding, with the first tunnel public REIT being submitted for approval, indicating growth in this investment vehicle [11][12][13] - On November 25, there was a net outflow of over 17.5 billion yuan from the stock ETF market, despite a general rise in A-share indices, reflecting a trend of selling during market upswings [14] - A new ETF linked to the ChiNext 50 index has been launched in Thailand, providing local investors access to Chinese tech companies [15][16] Group 4 - Sixteen new hard technology funds, including AI and chip-related ETFs, have been approved, aligning with national strategies to support emerging industries [17] - Several funds have implemented purchase limits to manage scale and maintain investment strategy effectiveness, reflecting a trend among high-performing funds [18] - Fund sales channels are evolving to provide more personalized investment advice, indicating a shift towards deeper engagement with investors [19] Group 5 - Banks are gearing up for the 2026 "opening red" campaign, a traditional marketing push at year-end, with a focus on enhancing sales strategies for fund products [20]

Group 1 - The personal pension market is expanding with the inclusion of savings bonds as a product, which is expected to enhance investor enthusiasm and improve the quality of the pension system [2] - China’s financial institutions are preparing for a strong start in 2026, with banks focusing on both equity and "fixed income plus" products for their year-end marketing campaigns [23] - The issuance of new funds has surged, with over 10 trillion units launched this year, including a significant increase in equity funds, which reached 5,272.85 billion units, a year-on-year growth of 93.8% [9][10] Group 2 - The FOF (Fund of Funds) market is experiencing a revival, with 69 new funds established this year, raising a total of 692.36 billion yuan, marking a three-year high [11] - The first public REITs for tunnels has been submitted for approval, indicating ongoing expansion in the public REITs market [13] - A notable outflow of over 17.5 billion yuan was observed in the stock ETF market on November 25, despite a general market uptrend [16] Group 3 - The appointment of Wang Ying as the new chairman of China Merchants Fund is expected to maintain strategic stability and enhance execution capabilities for the next three years [3][7] - A trend of limiting large subscriptions has emerged among high-performing active equity funds, with over 230 funds announcing subscription halts this year [20] - The approval of 16 new hard technology funds, including AI and chip-related ETFs, aligns with national strategies and aims to channel investments into key emerging industries [19]

Group 1 - The core point of the article is the emergency donation made by Zhongtai Securities, in collaboration with Zhongtai International and Shandong Zhongtai Charity Foundation, to support disaster relief efforts in Hong Kong's Tai Po District [1] Group 2 - The donation amount is 1 million RMB, which is allocated for emergency disaster relief and post-disaster recovery efforts [1]